The latest statement from Caterham F1 says that the team is now being run by the administrator of Caterham Sports, and confirms that the intention is to carry on competing.

The team has to send its cars and equipment to Austin this weekend.

The statement said: “Following a request of yesterday evening at 21.55hrs CET from Caterham Sports Limited’s administrators and the legal advisors of Mr Tony Fernandes’ related EXIM Bank, representatives of 1MRT/Caterham F1 Team have agreed, with all rights reserved, to hand-over management of the Caterham F1 Team to the administrator Mr Finbarr O’Connell in the higher interest of allowing the team to continue operating and preparing for the next events.”